MIRA INFORM REPORT
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Report Date : |
10th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T. PACIFIC AGRITAMA COMODITI |
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Registered Office : |
Jl. Raya Serang Km. 12, Cikupa Tangerang
15710 Banten
Province Indonesia |
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Date of Incorporation : |
09
March 1999 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Black
and Green Tea Processing Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of company
P.T. PACIFIC AGRITAMA COMODITI
A d d r e s s
Head Office & Factory
Jl. Raya Serang Km. 12, Cikupa
Tangerang 15710
Banten Province
Indonesia
Phones - (62-21) 5962010, 5969010
Fax. - (62-21) 5962011, 5960706
Website - http://www.hsagroup.com
Land Area - 5,000 sq. meters
Building Area - 3,200 sq. meters
Region - Industrial Zone
Status - Rental
Date of Incorporation
09 March 1999
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-11041.HT.01.01.TH.1999
Dated 14 June 1999
Company Status
Foreign Investment Company (PMA)
Permits by the Government Department
The Department of Finance
NPWP No. 1.882.517.4-052
The Capital Investment Coordinating Board
a. No. 81/I/PMA/1999
Dated 18 February 1999
b. No. 576/III/PMA/1999
Dated 18 May 1999
Related Company
a. COMMODITIES HOUSE INVESTMENT Ltd., of British Cayman Island
b. A member of HSA Group of Companies, Yemen
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CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : Rp. 4,400,000,000.- (US$. 500,000)
Issued Capital : Rp. 4,400,000,000.- (US$. 500,000)
Paid up Capital : Rp. 4,400,000,000.- (US$. 500,000)
Shareholders/Owners :
a. Commodities House
Investment Ltd. - 90%
Address : PO Box 309, Grand Cayman
Cayman Islands
British Cayman Islands
b. Mr. Fouad Hayel Saeed Anam - 10%
Address : Block 41-16-2, Bangsar Puteri Apartemen
Jl. Medang Serat Bukit Bandaraya
Kuala Lumpur, Malaysia
BUSINESS ACTIVITIES |
Lines of Business:
Black and Green Tea Processing Industry
Production Capacity :
Black and Green Tea - 24,000 tons p.a.
Total Investment :
a. Equity Capital - US$. 500,000.-
b. Loan Capital - US$. 1,000,000.-
c. Total Investment - US$. 1,500,000.-
Started Operation :
2000
Brand Name :
a. TEASHOP
b. TEAKOEDUST
Technical Assistance :
Hayel Saeed Anam (HAS) Group of Yemen
Number of Employee :
820 persons
Marketing Area :
Export - 100 % (Saudi Arabia, Egypt, United Kingdom, Malaysia, Algeria,
China, Ethopia, India, Iraq, Jordan, Kenya, Morocco, Rusia Slovakia, Somalia,
Sudan, etc.)
Main Customers :
a. Supermarket Departments
b. Restaurants, Hotels,
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Cipta Monang Pratama
b. P.T. Sasana Caraka
c. C.V. Maiyah Sejahtera Mandiri
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r :
P.T. ANZ PANIN Bank
Ground Floor, Panin Bank Centre
Jl. Jenderal Sudairman Kav.1
Jakarta 10270
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
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FINANCIAL FIGURE |
Annual Sales (estimated) :
2002 – Rp. 90.0 billion
2003 – Rp. 110.0 billion
2004 – Rp. 125.0 billion
2005 – Rp. 140.0 billion
Net Profit (Loss) :
2002 – Rp. 8.0 billion
2003 – Rp. 9.9 billion
2004 – Rp. 11.0 billion
2005 – Rp. 12.8 billion
Payment Manner :
Promptly
Financial Comment :
Strong and Sound
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KEY EXECUTIVES |
Board of Management :
President Director -
Mr. Fouad Hayel Saeed Anam
Directors -
a. Mr. Ahmed Hail Saeed Anam
b. Mr. Abdul Rahman Hayel Saeed Anam
c. Mr. Marwan Ahmed Hail Saeed
General Manager - Mr. TV
Gururajan
Purchasing Manager - Mr. Taufik Toiabi
Board of Commissioner :
Commissioner -
Mr. Ali Mohamed Saeed Anam
Signatories :
President Director (Mr. Fouad Hayel Aeed
Anam) or one of directors (Mr. Ahmed Hail Saeed Anam, Mr. Abdul Rahman Hayel
SAeed Anam or Mr. Marwan Ahmed Hail Saeed) which must be approved by the Board
of Commissioner (Mr. Ali Mohamed Saeed Anam)
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CAPABILITIES |
Management Capability :
G o
o d
Business Morality :
G o o d
Credit Risk :
Below
Average
Credit Recommendation :
Credit
should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 1,900,000.- on the 90 days of payments
OVERALL PERFOMANCE |
P.T. PACIFIC AGRITAMA COMODITI (P.T.
PAC) was established on March 9, 1999 with the authorized capital of Rp
4,400.000.000,- all of which was subscribed and fully paid up. The founder and
shareholder of the company is Commodities House Investment Ltd., a company
based in British Cayman Islands and Mr. Fouad Hayel Saeed Anam, a businessman
from Yaman. Until this time, there is no amendment on the company’s capital or
shareholder structure.
Deed of amendment was made by Drs. Atrino Leswara, SH., a public notary in Jakarta, under Company Registration Number C-11041.HT.01.01.TH. 1999, dated June 14, 1999. We observed that majority shares are owned by Commodities House Investment Ltd., (90%) and the rest are owned by Mr. Fouad Hayel Saeed Anam (10%).
P.T. PAC established in the framework of Foreign Investment Company (PMA) that started its business since 2000 in the field of black and green tea processing industry. Its factory located at Jalan Raya Serang Km. 12, Cikupa, Tangerang, Banten on the land of 5000 square meters. This factory has production capacity license of 24.000 tons black and green tea per year, with total investment of US$ 1.5 million. Ms. Linda, one of senior staff of P.T. PAC explained that their products used trademark of Teashop and Teakeodust that packed at 5 kgs until 60 kgs sized. All of the company’s products exported to many country such as, among others, lain Saudi Arabia, Egypt, Malaysia, Algeria, China, Ethiopia, India, Syria, Iraq, Jordan, Kenya, Marocco, Russia, United Kingdom, Slovakia, Somalia, Sudan, etc. We observed that their marketing net abroad is very wide and fully supported by HSA (Hayel Saeed Anam) Group who has wide marketing net in trading tea, milk, textile, palm oil, etc. We observed that P.T. PAC is classified as a big company in the field of exporter of black and green tea.
In general, we observed that international demand on Indonesian tea is fairly good especially in the Middle East, Europe and Asia countries. But business competition is very tight cause there are many companies carried out business in the same field. . Business position of P.T. PAC is fairly good because they are very experienced in the business field and their marketing net abroad is very wide.
Until this time P.T. PAC have not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2003 is Rp. 110 billion. In 2004, total sales turnover increased to be Rp 125 billion. In 2005, total sales turnover increased to be Rp 140 billion. The company gained net profit from its business operation as much as Rp. 12.8 billion in 2005. The company’s total net worth is about Rp. 80 billion. It is forecasted that total sales turnover of the company will increase at least 15% in 2006.
President director of P.T. PAC is Mr. Fouad Hayel Saeed Anam (49), a
businessman from Yaman, who having experiences for more than 20 years in the
field of trading and exporter of black and green tea. He assisted by three
directors namely Mr. Ahmed Hail Saeed Anam (74), Mr. Abdul Rahman Hayel Saeed
Anak (64) and Mr. Marwan Ahmed Hail Saeed (36). For daily activities, he is
assisted by Mr. TV Gururajan (42) as general manager and Mr. Taufik Toiabi (39)
as purchasing manager. We observed that management’s reputation in said
business is very good. The company has wide relationship with the private
businessmen inside and outside the country. Their relationship with the
government is fairly good. So far, we have never heard that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
been registered with the black list of Bank of Indonesia.
P.T. PAC is fairly good at conducting
normal business transaction. We suggest being careful in giving new loan to
them in view of unstable condition of Indonesian economy.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |